Access Control Market is expected to reach 9.80 Billion USD by 2022

According to the new market research report on the "Access Control Market by
Type (Hardware, Software & Services), Hardware (Magnetic Stripe,
Proximity & Smart Cards, Biometrics, Electronic Locks
(Electromagnetic, Electric Strike, Wireless), Controller/Server,
Geography - Global Forecast to 2022", the market is expected to
be worth USD 9.80 Billion by 2022, at a CAGR of 7.49% between 2016 and
2022. The most significant factors driving the market are the
increasing urbanization and technological developments. The growth in
commercial & services and residential applications of this market
is driven by rising adoption of electronic locks.

Electronic locks are the fastest-growing readers for the access control market

The electronic locks are expected to grow at a faster
rate over other readers in the market. This is primarily due to reduced
cost, increased convenience of not carrying any separate credential
such as cards or key fobs. It also enables the users to monitor and
operate remotely and transfer the credential over the mobile phones.
These additional features are driving electronic locks for the access
control market.

The residential application expected to be
the fastest-growing application for the access control market during the
forecast period

The residential application is expected to grow at a
faster rate over other applications in the access control market. This
is due to the increasing demand for access control systems to minimize
unauthorized access, to prevent invasion and burglary in residential
properties. In addition, the residential properties are increasingly
adopting electronic lock-based access control systems due to its
convenience and its less cost over other access control readers.
Further, increased trend for home automation is supporting the access
control market to grow.

North America is the major consumer of the access control market

North America is expected to hold the largest share
of the total access control market in 2016. The stable construction
market in North America and technological developments are driving the
North American market. In addition, the consumers are shifting toward
digital, interconnected environment which also drives the North American
access control market.

The report also profiles the most promising players
operating in this market. The competitive landscape of the market
presents a very interesting picture where a large number of big and
small players have become a force to reckon with. The key players in
this market are Assa Abloy AB (Sweden), Tyco International Plc
(Ireland), Dorma + Kaba International Holding AG (Switzerland),
Allegion, Plc (Ireland), and Honeywell security Group (U.S.) among
others.

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